Explanatory note

The Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) makes provision, in Part 6 and Schedules 6 and 7 to the Act for the special administration of infrastructure companies.

This Order designates VocaLink Limited as an infrastructure company, as defined in section 112 of the Act, in connection with the services it provides to the operators of Faster Payments Service, Bacs and LINK. The Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of these recognised payment systems. A recognised payment system is a payment system which has been specified in a recognition order under section 184 of the Banking Act 2009 (c. 1).

A full regulatory impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.